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Green Plains Reports Fourth Quarter And Full-Year 2012 Financial Results

Weighted average shares outstanding decreased due to share repurchases that were completed in September 2011 and in March 2012. Weighted average shares outstanding for diluted earnings per share purposes for the three and twelve months ended December 31, 2011, and for the three months ended December 31, 2012, reflect additional shares outstanding under the as-if-converted method of accounting for the convertible notes. For the twelve months ended December 31, 2012, the Company's net income and weighted average number of common shares outstanding are not adjusted since the effect would be antidilutive. The following summarizes the effects of this method on net income attributable to Green Plains and weighted average shares outstanding for the periods indicated (in thousands):

  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Net income (loss) attributable to Green Plains  $ 33,023  $ 13,266  $ 11,779  $ 38,418
Interest and amortization expense related to convertible debt, net of tax  922  905  --   3,610
Net income (loss) on an as-if-converted basis  $ 33,945  $ 14,171  $ 11,779  $ 42,028
Effect of convertible debt on weighted average shares outstanding - diluted  6,280  6,280  --   6,280

Operating Segment Information

Green Plains' operating segments are as follows: (1) production of ethanol and related distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing and logistics services of Company-produced and third-party ethanol, distillers grains, corn oil, and other commodities and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities. The following are revenues, gross profit and operating income by segment for the periods indicated (in thousands):

         
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
Revenues:        
Ethanol production  $ 491,276  $ 535,512  $ 1,909,243  $ 2,133,921
Corn Oil Production  14,324  14,508  57,844  44,857
Agribusiness  149,908  170,505  584,684  554,140
Marketing and distribution  723,850  766,469  2,867,631  3,064,965
Intersegment eliminations  (495,651)  (564,203)  (1,942,532)  (2,244,171)
   $ 883,707  $ 922,791  $ 3,476,870  $ 3,553,712
         
Gross profit (loss):        
Ethanol production  $ 15,715  $ 23,130  $ (4,895)  $ 87,010
Corn Oil Production  7,183  8,969  32,388  27,067
Agribusiness  8,616  14,324  35,973  34,749
Marketing and distribution  10,593  5,779  32,362  23,112
Intersegment eliminations  (136)  (149)  943  294
   $ 41,971  $ 52,053  $ 96,771  $ 172,232
         
Operating income (loss):        
Ethanol production  $ 12,042  $ 21,058  $ (20,393)  $ 73,242
Corn Oil Production  7,129  8,958  32,140  26,999
Agribusiness  51,114  7,787  60,030  11,721
Marketing and distribution  6,744  2,397  17,290  9,475
Intersegment eliminations  (136)  (139)  977  334
Segment operating income  76,893  40,061  90,044  121,771
Corporate activities  (8,458)  (7,877)  (25,159)  (22,758)
   $ 68,435  $ 32,184  $ 64,885  $ 99,013

Intersegment revenues and corresponding costs are eliminated in consolidation and do not impact consolidated results.  

Ethanol Production Segment

The table below presents key operating data within the ethanol production segment for the periods indicated:

  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
         
Ethanol sold  169,159 180,955 677,082 721,535
(thousands of gallons)        
         
Ethanol produced 168,476 180,662 676,834 721,348
(thousands of gallons)        
         
Distillers grains sold  486 511 1,882 2,047
(thousands of equivalent dried tons)      
         
Corn consumed 59,816 64,405 238,740 255,437
(thousands of bushels)        

Revenues in the ethanol production segment decreased by $44.2 million for the three months ended December 31, 2012 compared to the same period in 2011. The decrease in revenue was due to lower average prices for ethanol and the decision, in response to unfavorable operating margins, to temporarily reduce ethanol production volumes at certain ethanol plants. The ethanol production segment produced 168.5 million gallons of ethanol, which represents approximately 91 percent of production capacity, during the three months ended December 31, 2012.

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